Multiband elevation data that had more than 8 bits per channel being imported through a GDAL driver was wrong, this has been fixed. Some programs e.g. generate TIFF files that are 16 bits per channel instead of 16 bits per pixel, and those would not import right.
Please note that after importing, the span may be really large if the file has no elevation coordinate system. To fix this, use the Navigate, Elevation Span... command to respan the imported heightfield.
Ray